Philip Morris International Inc. $PM Stock Purchased by GRIMES & Co WEALTH MANAGEMENT LLC

Key Points

• GRIMES & Co WEALTH MANAGEMENT LLC increased its Philip Morris stake by 55.6% in the third quarter, adding 6,490 shares to hold 18,165 shares valued at about $3.47 million.
• Philip Morris beat quarterly earnings and revenue estimates: EPS was $2.36 versus $2.30 expected, while revenue reached $11.44 billion, up 5.5% year over year.
• Analyst sentiment is broadly positive, with a “Moderate Buy” consensus and an average price target of $212.40. The company also raised its quarterly dividend to $1.60, equivalent to a 3.1% yield.

GRIMES & Co WEALTH MANAGEMENT LLC increased its position in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 55.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,165 shares of the company's stock after acquiring an additional 6,490 shares during the quarter. GRIMES & Co WEALTH MANAGEMENT LLC's holdings in Philip Morris International were worth $3,466,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of PM. Bank of New York Mellon Corp increased its position in shares of Philip Morris International by 30.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 11,669,878 shares of the company's stock worth $2,111,198,000 after purchasing an additional 2,755,662 shares during the last quarter. Teamwork Financial Advisors LLC raised its holdings in Philip Morris International by 2,662.6% in the 2nd quarter. Teamwork Financial Advisors LLC now owns 65,695 shares of the company's stock valued at $11,885,000 after buying an additional 63,317 shares during the period. Perennial Investment Advisors LLC purchased a new stake in Philip Morris International in the 2nd quarter valued at about $505,000. Orographic Financial Advisors LLC acquired a new position in Philip Morris International in the first quarter valued at about $1,205,000. Finally, Addison Capital Co lifted its position in Philip Morris International by 32.5% in the first quarter. Addison Capital Co now owns 31,779 shares of the company's stock valued at $5,254,000 after buying an additional 7,793 shares during the last quarter. Hedge funds and other institutional investors own 78.63% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on PM shares. Morgan Stanley increased their target price on shares of Philip Morris International from $200.00 to $215.00 and gave the stock an "overweight" rating in a research note on Thursday, July 23rd. Barclays boosted their price target on shares of Philip Morris International from $205.00 to $225.00 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Stifel Nicolaus upped their price objective on shares of Philip Morris International from $205.00 to $232.00 and gave the stock a "buy" rating in a report on Tuesday. Needham & Company LLC increased their price objective on shares of Philip Morris International from $215.00 to $220.00 and gave the stock a "buy" rating in a research report on Thursday, October 22nd. Finally, UBS Group increased their price objective on shares of Philip Morris International from $193.00 to $201.00 and gave the stock a "neutral" rating in a research report on Thursday, October 22nd. Ten investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $212.40.

Philip Morris International Trading Down 0.4%

PM stock opened at $207.48 on Wednesday. The company has a market capitalization of $323.40 billion, a PE ratio of 30.29, a P/E/G ratio of 2.79 and a beta of 0.34. Philip Morris International Inc. has a 12-month low of $144.22 and a 12-month high of $214.35. The business's fifty day moving average price is $194.93 and its 200 day moving average price is $182.33.

Philip Morris International (NYSE:PM - Get Free Report) last posted its earnings results on Wednesday, October 21st. The company reported $2.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.06. The firm had revenue of $11.44 billion for the quarter, compared to analyst estimates of $11.32 billion. Philip Morris International had a negative return on equity of 183.96% and a net margin of 10.73%. Philip Morris International's revenue was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.24 EPS. Research analysts predict that Philip Morris International Inc. will post 8.32 EPS for the current fiscal year.

Philip Morris International Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 26th. Stockholders of record on Friday, October 2nd were paid a $1.60 dividend. The ex-dividend date of this dividend was Friday, October 2nd. This is a positive change from Philip Morris International's previous quarterly dividend of $1.47. This represents a $6.40 annualized dividend and a dividend yield of 3.1%. Philip Morris International's payout ratio is 93.43%.

About Philip Morris International

Philip Morris International Inc NYSE: PM is a global tobacco and nicotine company headquartered in Stamford, Connecticut. It was established as an independent company in 2008 following the separation of Philip Morris International from Altria Group. The company develops, manufactures and markets tobacco, nicotine and other related consumer products primarily outside the United States.

Its portfolio includes internationally recognized cigarette brands such as Marlboro, Parliament, L&M, Chesterfield and Bond Street.

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